Market research is another tool used in project management. It is the process of gathering information from different sources like online reviews and conferences to identify the market trend and market capabilities. It is a continuous process of collecting and analyzing information about the market, products, customers, as well as competitors in order to determine which steps can lead to the success of the organization.
The benefit of market research is that it refines the procurement objectives of the project management team to leverage the mature technologies, processes and organizations. It also balances the risks that are associated with the vendors who provide the services or materials needed for the project. Market research is the duty of the project manager. It is important as it helps improve the revenue of the organization as well as provide better customer management.
There are different tools to carry out market research and these include meetings, discussions, brainstorming, questionnaires and messaging. By using this tool, it can contribute to the growth of the organization as well as the effective implementation of the many project activities.
This term is defined in the 5th edition of the PMBOK.